Catchword: wall-cross

Filed under: English, Money & Finance, Jargon

Part of speech: v.

Quotation: Wells Fargo wanted to be among one of the first banks to get to the market before fund managers and investors became overwhelmed by the supply of stock. Being first also carried the risk that the offering could be too big, or badly priced, which would drain investor appetite and trigger a lot of trouble for future offerings. Speed was the key. Thursday, J.P. Morgan and Wachovia started calling select investors–many of them previous investors in Wells Fargo—to in Wall Street parlance—”wall-cross” them, following the same playbook Wells and J.P. Morgan used last fall to raise equity. The deal was opened publicly to investors just after 4 p.m.

Article or document title:
“Wells Fargo and Morgan Stanley: How to Raise $7.5 Billion in Stress-Test Money” (URL)

Author:
Heidi N. Moore

Article, document, publication, web site:
Wall Street Journal: Deal Journal

Date of publication:
May 8, 2009

This catchword has yet to be researched.